A small business may have additional streams of income to increase the profits in their businesses. Business owners are entrepreneurs who can investigate revenue streams that will supplement the work that they are doing without adding to their workload outside of their existing business. Some entrepreneurs may supplement their income from their business by adding additional revenue streams during the operating hours of the business.
Cryptocurrencies have been on the market for the past 11 years. A cryptocurrency is a digital currency which individuals may purchase to buy and sell goods and services. In the United States, the Financial Crimes Enforcement Network, FinCEN has research cryptocurrencies such as bitcoin and provided guidance on cryptocurrencies for the past nine years. Kenneth Blanco, the Director at FinCEN addressed attendees at a blockchain symposium during 2019. Mr. Blanco informed attendees that FinCEN worked with the U.S. Commodities Futures Trading Commission and the Securities and Exchange Commission to provide updated policies on cryptocurrencies during the Fall of 2019.
Bitcoin ATM Revenue
A business may install a Bitcoin ATM known as a BATM. Small businesses can earn income by installing a BATM. Unlike a traditional ATM, A BATM allows an individual to connect to a bitcoin exchange by inserting cash rather than connecting to their personal bank account.
How Is Bitcoin Purchased?
An individual would purchase bitcoin using the following steps:
- Following the prompts identified on the BATM.
- Scan a QR code linked to their personal bitcoin wallet on their cell phone.
- Follow the prompts and enter the amount of cash they want to exchange for bitcoin.
- The individual should finish the transaction and send the bitcoin to a bitcoin wallet.
- Wait for the blockchain to confirm the bitcoin purchase.
- Verify that they received the bitcoin in a bitcoin wallet.
By installing a BATM, entrepreneurs can provide customers with a way to purchase bitcoin during business hours. If a business owner has a traditional business where customers and vendors come into the business to buy and sell goods and services such as a bakery, a retail store, or a printing company then they may consider installing a BATM. This machine is like a traditional ATM.
Income Potential for Small Businesses with BATMs
Businesses may find that they enjoy receiving money from a Bitcoin ATM. The additional revenue that a company earns from hosting a BATM may exceed $1,000 per month depending on where the business is and its operating hours.
There are only two requirements a business must meet to operate a BATM. A company must have electricity and internet services. Some businesses may experience an increase in their sales because some customers may come to the business to purchase bitcoin and buy additional items because they can save time.